Jupiter Asset Management Ltd. Acquires New Holdings in State Street Corporation $STT

Jupiter Asset Management Ltd. bought a new position in shares of State Street Corporation (NYSE:STT) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 535,228 shares of the asset manager’s stock, valued at approximately $62,092,000. Jupiter Asset Management Ltd. owned about 0.19% of State Street at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. L & S Advisors Inc lifted its stake in shares of State Street by 30.4% in the third quarter. L & S Advisors Inc now owns 101,378 shares of the asset manager’s stock worth $11,761,000 after acquiring an additional 23,612 shares during the period. Synovus Financial Corp boosted its position in State Street by 177.1% during the third quarter. Synovus Financial Corp now owns 35,884 shares of the asset manager’s stock valued at $4,163,000 after acquiring an additional 22,934 shares during the last quarter. Syon Capital LLC raised its position in shares of State Street by 27.1% in the 3rd quarter. Syon Capital LLC now owns 10,277 shares of the asset manager’s stock worth $1,192,000 after acquiring an additional 2,191 shares in the last quarter. Jacobi Capital Management LLC lifted its stake in shares of State Street by 2.3% in the 3rd quarter. Jacobi Capital Management LLC now owns 14,342 shares of the asset manager’s stock valued at $1,664,000 after purchasing an additional 320 shares during the period. Finally, First National Bank of Omaha acquired a new stake in State Street during the third quarter worth approximately $3,964,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 1.4%

Shares of STT stock opened at $127.82 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. The company has a market capitalization of $35.70 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.14 and a beta of 1.43. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $137.05. The company has a 50-day simple moving average of $130.08 and a two-hundred day simple moving average of $120.41.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.60 EPS. Research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. State Street’s dividend payout ratio (DPR) is currently 35.71%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on STT shares. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Loop Capital set a $144.00 price objective on State Street in a research note on Tuesday, January 6th. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. Finally, Truist Financial set a $136.00 price target on shares of State Street in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $135.83.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.